I bought a little VCLK this morning, which is essentially besides the main point. We are in the midst of a most dishonorable commodity rally.
See, here on iBankcoin, “The Fly” conducts himself in a certain ordained manner. He is a man of ethics and principal, unlike most bloggers. The very notion of investing, without conviction, is rather unsettling to me.
Take XOM for example: I am short from $82, yet find no concrete reason to cover my shorts. That’s conviction dear friends/enemies. Regrettably, being short RIG does not offer “The Fly” the same comforts, which in turn has forced me to cover my shorts in that particular name.
At the moment, I find it odd that the market is rallying, without the luxury and support of bank/commerical real estate stocks driving the limousine. What oil stocks are doing now is rather astounding, essentially pricing in $70 crude.
What’s important to me is the activity in t-bills. My position in TBT is finally starting to gain some traction. Amazingly enough, the telegraphed trade of shorting t-bills/long equities is ham and egging it, to use a rather loose term, all the way to the local bank teller.
With my vast sums of liquidity, I have placed minor bets in a variety of names, none of which should be of any importance to the likes of you. For you, I have purchased a small quantity of VCLK, at an undisclosed price, at an undisclosed time.
The first trading day of 2009 shall be remembered as a day that let basic resource stocks out of their respective cages, and into the showers of bearshitters, in order to bite their heads off. However, all other sectors, thus far, are sort of mailing in the trading day.
Until I see the frantic action spread, like a cancerous tumor, I shall not change my opinions of banks/commercial re, which incidentally is rather grim.
NOTE: Preferred bank shares caught a bid this morning, evidenced by strength in PGF and PGX. They are both worth a look.
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